Peru’s Congress removes energy and mines minister amid sector protests
Romulo Mucho was removed from his post on Tuesday amid protests from small-scale miners in the Andean nation.
Canadian Press reported Thursday on the merger of US Gold Corp. (TSX:UXG) and Minera Andes Inc. (TSX:MAI) to form a new corporate entity called McEwen Mining.
The company is named after Robert McEwen, the founder of Goldcorp and its former chair and CEO. McEwen is the chairman, CEO and largest shareholder of both companies. McEwen Mining will have a combined market cap of $1.3 billion.
Minera Andes shareholders will receive 0.45 shares of US Gold, under terms of the agreement.
US Gold is exploring for gold and silver in Mexico and Nevada.
Minera Andes has a 49% interest in Minera Santa Cruz SA, owner of the San Jose Mine in Argentina, which lies in close proximity to Goldcorp’s Cerro Negro project. The company also owns the Los Azules copper deposit with an inferred mineral resource of 10.3 billion pounds of copper and an indicated resource of 2.2 billion pounds of copper.
